Creditor Reference Guide - Cedar Financial

Creditor Reference Guide

U.S. B2B Credit Reference Guide by State

The following information is provided for general reference purposes only and does not constitute legal advice. Laws and regulations may change. Please consult a qualified legal professional for specific legal guidance.

State Statute of Limitations (Written/Oral) Interest Rate Interest Rate Are Collection Fees Recoverable? Creditor Friendliness Reason for Creditor Friendliness Prejudgment Remedies
Alabama 6 / 6 years 6% No cap if agreed Only if contract allows Friendly Lengthy Statute of Limitations, strong enforcement Strong
Alaska 6 / 6 years 10.5% Up to 25% Generally allowed if reasonable Moderate Moderate Statute of Limitations, smaller courts Moderate
Arizona 6 / 3 years 10% Enforced Must be stated in contract Moderate Formal litigation, moderate fees Moderate
Arkansas 5 / 3 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
California 4 / 2 years 10% Allowed if reasonable Only with written clause Unfriendly Pro-debtor courts, tough enforcement Weak
Colorado 6 / 6 years 8% Up to 45% if agreed Allowed with contract Moderate Large recovery windows Moderate
Connecticut 6 / 3 years 12% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Delaware 3 / 3 years 5% No cap if agreed Allowed with contract Friendly Short Statute of Limitations, efficient courts Strong
District of Columbia 3 / 3 years 6% No cap if agreed Only if contract allows Moderate Short Statute of Limitations, standard enforcement Moderate
Florida 5 / 4 years 10% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Georgia 6 / 4 years 7% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Hawaii 6 / 6 years 10% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Idaho 5 / 4 years 12% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Illinois 10 / 5 years 5% No cap if agreed Only if contract allows Friendly Long Statute of Limitations, creditor-friendly courts Strong
Indiana 10 / 6 years 8% No cap if agreed Only if contract allows Friendly Long Statute of Limitations, creditor-friendly courts Strong
Iowa 10 / 5 years 5% No cap if agreed Only if contract allows Friendly Long Statute of Limitations, creditor-friendly courts Strong
Kansas 5 / 3 years 10% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Kentucky 10 / 5 years 8% No cap if agreed Only if contract allows Friendly Long Statute of Limitations, creditor-friendly courts Strong
Louisiana 10 / 10 years 5% No cap if agreed Only if contract allows Friendly Long Statute of Limitations, creditor-friendly courts Strong
Maine 6 / 6 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Maryland 3 / 3 years 6% No cap if agreed Only if contract allows Moderate Short Statute of Limitations, standard enforcement Moderate
Massachusetts 6 / 6 years 12% No cap if agreed Rarely recoverable Unfriendly Pro-debtor courts, tough enforcement Weak
Michigan 6 / 6 years 5% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Minnesota 6 / 6 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Mississippi 3 / 3 years 8% No cap if agreed Only if contract allows Moderate Short Statute of Limitations, standard enforcement Moderate
Missouri 10 / 5 years 9% No cap if agreed Only if contract allows Friendly Long Statute of Limitations, creditor-friendly courts Strong
Montana 8 / 5 years 10% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Nebraska 5 / 4 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Nevada 6 / 4 years 12% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
New Hampshire 3 / 3 years 10% No cap if agreed Only if contract allows Moderate Short Statute of Limitations, standard enforcement Moderate
New Jersey 6 / 6 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
New Mexico 6 / 4 years 15% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
New York 6 / 6 years 9% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
North Carolina 3 / 3 years 8% No cap if agreed Only if contract allows Moderate Short Statute of Limitations, standard enforcement Moderate
North Dakota 6 / 6 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Ohio 8 / 6 years 5% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Oklahoma 5 / 3 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Oregon 6 / 6 years 9% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Pennsylvania 4 / 4 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Rhode Island 10 / 10 years 12% No cap if agreed Only if contract allows Friendly Long Statute of Limitations, creditor-friendly courts Strong
South Carolina 3 / 3 years 8.75% No cap if agreed Only if contract allows Moderate Short Statute of Limitations, standard enforcement Moderate
South Dakota 6 / 6 years 15% No cap if agreed Only if contract allows Friendly Moderate Statute of Limitations, creditor-friendly courts Strong
Tennessee 6 / 6 years 10% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Texas 4 / 4 years 6% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Utah 6 / 4 years 10% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Vermont 6 / 6 years 12% No cap if agreed Only if contract allows Moderate Moderate Statute of Limitations, standard enforcement Moderate
Virginia 5 / 3 years 6% No cap if agreed Only if contract allows Moderate Short Statute of Limitations but reliable enforcement Moderate
West Virginia 10 / 5 years 6% No cap if agreed Only if contract allows Moderate Long Statute of Limitations, courts neutral but not hostile Moderate
Wyoming 10 / 8 years 7% No cap if agreed Only if contract allows Friendly Very long Statute of Limitations, predictable enforcement Strong

Why Choose Cedar Financial?

At Cedar Financial, we help international and U.S.-based creditors recover B2B debt across all 50 states with professional, transparent service.

✔️ Global Reach & U.S. Expertise
✔️ Contract-Enforced Recovery
✔️ Compliant, Ethical Practices
✔️ Prejudgment & Postjudgment Enforcement

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“This is one of the better collection agencies I’ve dealt with. When they first called they were polite but firm. When I called and asked for a statement of my account, I received one promptly. The only thing I don’t like is that they don’t send statements unless you ask for them.”

“Thank you again for all of your kindness and for following up with me. I’m not sure if that’s in your scope of responsibility, but I can tell you that you are one of the nicest debt collectors I’ve ever worked with. I know this isn’t an easy job, and it’s pretty thankless, but you always have a smile in your voice and you really make everything smooth and easy. Other companies in the same industry could really take a page out of CFI’s book.”

“Thanks for your patience, understanding and your ability to NOT be an overzealous bill collector. It really helped.”

“I want to thank Oscar and your company for your professionalism. Especially in this industry, it is not something I experience, and you all have been very respectful and understanding throughout this whole process.”

“Student re-enrollment has significantly increased from the students we have placed in your office. Thank you for working with our students to resolve their balances and further their education.”

“Since January 2011, our Credit Union has employed the services of Cedar Financial for the collection of non-performing student loans made to international graduate students. The professionalism and responsiveness of the Cedar team to our organizations’ requests has been great. Cedar’s ability to collect and resolve accounts is above the average agency.”

“You all are doing such a GREAT job and am very happy that we have this relationship.”

“We hired Cedar Financial to collect from a former client who had an outstanding balance with us. I was amazed when Cedar were able to collect payment nearly 3 years later. There was no risk for us because we weren’t obligated to pay any commissions or fees until the debt was resolved. The team at Cedar were easy to reach, professional, and able to think creatively in order to get us our money as quickly as possible. And they have a local presence around the world.”

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